Pinterest Beneish M-Score Historical Data
The historical data trend for Pinterest's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
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Pinterest Annual Data
|
|
Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
|
- |
- |
-4.95 |
-2.30 |
-2.32 |
|
Pinterest Quarterly Data
|
|
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.10 |
-2.45 |
-2.32 |
-2.19 |
-1.44 |
Competitive Comparison
For the Internet Content & Information subindustry, Pinterest's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Pinterest Beneish M-Score Distribution
For the Interactive Media industry and Communication Services sector, Pinterest's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pinterest's Beneish M-Score falls into.
Pinterest Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Pinterest for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.9022 | + | 0.528 * 0.9859 | + | 0.404 * 4.914 | + | 0.892 * 1.2109 | + | 0.115 * 1.39 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9494 | + | 4.679 * -0.1328 | - | 0.327 * 1.1821 |
| = | -1.44 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $511 Mil.
Revenue was 665.93 + 574.885 + 846.655 + 632.932 = $2,720 Mil.
Gross Profit was 501.034 + 428.815 + 705.407 + 506.149 = $2,141 Mil.
Total Current Assets was $3,246 Mil.
Total Assets was $3,694 Mil.
Property, Plant and Equipment(Net PPE) was $284 Mil.
Depreciation, Depletion and Amortization(DDA) was $30 Mil.
Selling, General, & Admin. Expense(SGA) was $1,046 Mil.
Total Current Liabilities was $351 Mil.
Long-Term Debt & Capital Lease Obligation was $193 Mil.
Net Income was -43.076 + -5.281 + 174.699 + 93.996 = $220 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 120.068 + 213.389 + 211.772 + 165.742 = $711 Mil.
|
Total Receivables was $468 Mil.
Revenue was 613.21 + 485.23 + 705.617 + 442.616 = $2,247 Mil.
Gross Profit was 485.391 + 351.76 + 576.594 + 329.772 = $1,744 Mil.
Total Current Assets was $2,664 Mil.
Total Assets was $2,886 Mil.
Property, Plant and Equipment(Net PPE) was $196 Mil.
Depreciation, Depletion and Amortization(DDA) was $30 Mil.
Selling, General, & Admin. Expense(SGA) was $910 Mil.
Total Current Liabilities was $237 Mil.
Long-Term Debt & Capital Lease Obligation was $122 Mil.
|
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (511.468 / 2720.402) | / | (468.181 / 2246.673) |
| = | 0.18801192 | / | 0.20838858 |
| | = | 0.9022 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (1743.517 / 2246.673) | / | (2141.405 / 2720.402) |
| = | 0.77604395 | / | 0.78716491 |
| | = | 0.9859 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (3246.07 + 284.399) / 3694.032) | / | (1 - (2663.711 + 195.934) / 2885.646) |
| = | 0.04427763 | / | 0.00901046 |
| | = | 4.914 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 2720.402 | / | 2246.673 |
| | = | 1.2109 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (30.294 / (30.294 + 195.934)) | / | (30.318 / (30.318 + 284.399)) |
| = | 0.13390915 | / | 0.09633417 |
| | = | 1.39 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (1045.817 / 2720.402) | / | (909.755 / 2246.673) |
| = | 0.38443473 | / | 0.40493432 |
| | = | 0.9494 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((192.543 + 350.855) / 3694.032) | / | ((121.632 + 237.449) / 2885.646) |
| = | 0.1471016 | / | 0.12443695 |
| | = | 1.1821 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (220.338 - 0 | - | 710.971) | / | 3694.032 |
| | = | -0.1328 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Pinterest has a M-score of -1.44 signals that the company is likely to be a manipulator.
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